Dragos Condrea/iStock via Getty Images Dear Fellow Investors, The Partners Fund returned approximately 2% 1 net in the fourth quarter, bringing full-year returns to 14%. The criteria for selecting managers in the Partners Fund include: One-person investment committee Concentrated holdings Reasonable amounts of capital (AUM) Significant personal investments (“skin in the game”) Original thinking Mindset: Getting rich is not the point None of these criteria point to heavy exposure to the “Magnificent 7”. In 2025, that mattered: our managers' focus on smaller, less-followed companies was a headwind as the largest technology companies continued to deliver 20%+ revenue growth, and investors paid higher prices for that growth, even as those businesses migrated from asset-light to capital-intensive businesses.…